Freedom New Zealand: Britain - Nationalisation of Northern Rock

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Britain - Nationalisation of Northern Rock

British finance minister Alistair Darling has announced the temporary nationalisation of troubled bank Northern Rock, which was hit by the global credit crunch in August.

"The government has decided to bring forward legislation to bring Northern Rock into a temporary period of public ownership," he said during a press conference at the Treasury in London.

Britain's fifth-largest mortgage lender already owes taxpayers 25 billion pounds ($49 billion) and has been put on the government's books as around 90 billion pounds of public debt.

This entry was posted on 10:10 and is filed under .

 

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